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swarm (BZZ) is the 1395th largest cryptocurrency in the world by market cap, valued at $32,053,956. The current price of swarm is $0.5056, which is 0.298% higher than yesterday. Prices have ranged between $0.524367 and $0.51382 over the past 24 hours. All prices are listed in US dollars and accurate as of March 28, 2023 10:03 UTC.
BZZ is the native cryptocurrency of the Swarm decentralized storage protocol. Built on the Ethereum blockchain, Swarm was developed as a decentralized communication, storage, and service system for the implementation of the decentralized internet.
The protocol was initially created by Ethereum co-founder, Dr. Gavin Wood, who also co-founded the Polkadot layer-0 protocol in 2016. Swarm’s goal is to be the Web 3.0 operating system of choice, providing users with messaging, music services, video streaming, as well as database hosting.
According to the project’s website, Swarm makes use of Ethereum’s security features and smart-contract technology as well as its ecosystem of developers. The protocol is a complex and ambitious network with permissionless and censorship-resistant infrastructure designed to be Distributed-Denial-of-Service (DDOS) resistant and have zero downtime. The Swarm network aims to be the basis for a fully decentralized internet where data is hosted on a peer-to-peer (P2P) infrastructure and digital services are distributed across a vast network of nodes. Although the protocol was initially focused on decentralized data storage, businesses and individuals can also utilise Swarm’s infrastructure to develop decentralized applications (dApps) and other decentralized services. All data stored within the network is self-sovereign meaning that it is owned and controlled by users.
Swarm is marketed as a self-sustaining protocol because of its incentive-based system powered by its native BZZ token. Users of the network must pay providers and node operators for securing and storing their data. All node operators must act in support of the network to earn BZZ tokens. The token can also be traded for other resources within the network, such as data storage.
Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.
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